ZÃ¼rich Insurance hit by record £2.28 million fine
ZÃ¼rich Insurance, one of the more popular insurance companies in the UK, has today been hit by a £2.28 million fine from the FSA after admitting losing confidential details relating to 46,000 UK customers. This is the largest fine handed it a UK based insurance company and perfectly illustrates the seriousness of the charges which the company has admitted.
It was found that confidential information regarding UK insurance customers was being processed by the company's ZÃ¼rich South Africa arm and an unencrypted backup tape was lost during transit to the UK. This event happened in August 2008 and due to a lack of acceptable procedures within ZÃ¼rich Insurance the UK arm did not become aware of the data loss for 12 months. Information held upon the backup tape included customer's full names, full addresses, bank account details and credit card information.
Even though the company has been quick to confirm there have been no instances of criminal activity in relation to the data loss it is a worrying development at a time when UK consumers are more than ever concerned about that their privacy. The company has now taken action to tighten internal systems and ensure security is very much tougher in the future.
UK home holidaymakers 'not taking out insurance'
Many Britons are not taking out travel insurance for their holidays within the UK - despite the risk of being left out of pocket.New analysis from Sainsbury's Finance shows the potential scale of the problem, by finding that 15 per cent of British adults have never gone abroad and that around 50 million domestic holidays are taken each year at a total cost of £10.9 billion.The firm suggested that...Read More
BUPA reveals fall in customer numbers
There would appear to be a sea change going on in the UK health insurance sector with healthcare giant BUPA announcing that the number of customers in the UK is falling at its fastest rate for over 12 years. It seems that unemployment and the ongoing recession have forced many households across the UK, and businesses, to re-evaluate their primary income requirements and ultimately reduce or ignore...Read More
BCC demands increase in VAT not national insurance
The British Chamber of Commerce (BCC) has today pleaded with the UK government to increase VAT to 18.5% instead of increasing the rate of national insurance contributions. Figures from the BCC suggest that the scrapping of next year's national insurance contribution increase would benefit businesses by £5.1 billion while an increase of just 1% in the rate of VAT would bring in around £4.5 billio...Read More
Hastings Insurance Hit With £735,000 Fine
28/07/2008 Well known car insurance company Hastings Insurance has been hit with a £735,000 fine after it cancelled a number of motor insurance policies at short notice after finding a pricing error in their system. In total the group cancelled 4,550 motor policies after checks revealed that quotes were on average £539 cheaper than they should have been. However, the group has been strongly...Read More
Budget airlines accused of breaking EU insurance rules
A number of budget airlines around the world, including the UK, today stand accused of ignoring EU legislation with regards to additional charges and taxes which budget airlines add to their ticket prices. The EU ruled that additional charges such as travel insurance and cancellation insurance should be opt in rather than opt out, there by assuming that unless a customer specifically requests it,...Read More